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(a)in paragraph (a) for the words from " over" to the end there shall be substituted the words " over the sum of the following—

(i)the total amount previously paid under the policy by way of premiums ; and

(ii)the total amount treated as a gain by virtue of paragraph (d) below on the previous happening of chargeable events ".

(b)in paragraph (b) the words "or in part" shall be omitted and for the words from the first

“over”to the end there shall be substituted the words " over the sum of the following—

(i)the total amount previously paid under the policy by way of premiums ; and

(ii)the total amount treated as a gain by virtue of paragraph (d) below on the previous happening of chargeable events ";

(c)for paragraph (c) there shall be substituted the following—

“(c)if the event is an assignment, the excess (if any) of the amount or value of the consideration, plus the amount or value of any relevant capital payments or of any previously assigned share in the rights conferred by the policy, over the sum of the following—

(i)the total amount previously paid under the policy by way of premiums ; and

(ii)the total amount treated as a gain by virtue of paragraph (d) below on the previous happening of chargeable events”;

(d)after paragraph (c) there shall be added the following paragraph—

“(d)if the event is the occurrence of such an excess as is mentioned in section 394(l)(v) above, the amount of the excess.”

(2)After section 395(3) there shall be inserted the following subsection—

“(3A)Where there is an assignment, otherwise than for money or money's worth, of all the rights conferred by the policy the calculations required to be made by paragraph 9 of Schedule 2 to the Finance Act 1975 shall be made, in the first instance, without regard to any surrender or assignment of part of or a share in those rights which takes place after the assignment, and any gain treated as arising under subsection (1)(d) above on the calculation so made shall be treated as arising to the assignor.”

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